Chainlink’s Value Surges Over 300% as Rumors of a Major LINK Coin Dump Run Amok
- Ever since Google made its Chainlink integration announcement last month, LINK’s value has increased by 320 percent.
- However, this mammoth boost seems to have also sparked many rumors regarding Chainlink’s top brass preparing to sell-off a large chunk of its LINK holdings in the near future.
Ever since Google announced that it was going to be integrating Chainlink into its cloud-computing service portal, the projects associated token offering — LINK — has been on a tear. To be a bit more specific, we can see that over the course of the past two weeks or so, LINK’s value has increased from a respectable $1.11 to a mammoth $4.64 (thereby showcasing a value increase of around 320%).
Early last month (June 13 to be exact) Google executive Allen Day released a blog post in which he stated that Chainlink can potentially be used by the multimedia giant to make “BigQuery data available inside an Ethereum smart contract.” In Day’s opinion, the merger will help eliminate many of the current inefficiencies that are encountered by developers when they are trying to devise hybrid applications.
- Just an hour after the aforementioned blog entry was published, LINK’s value shot up by a whopping 77.42 — despite their being no official partnership announcement between the two firms.
- An eerily similar episode also took place last month when a spokesperson for Coinbase Pro revealed that the firm was all set to list LINK on its exchange platform. Within a couple of hours of the announcement, the currency’s value surged by 23.30 percent.
More on the Matter
When taking a closer look at Chainlink’s “development wallet,” it appears as though the firm has recently xfered a total of 1.4 million LINK tokens into a Binance-based wallet. As a result of this move, it appears as though the Chainlink top brass is looking to sell the firm’s initial token allocation — thereby, effectively increasing the currency’s total circulating volume by 0.4 percent.
In regards to this entire development, some members of the Chainlink community were quoted as saying that by facilitating such as sale, the company was basically trying to ‘inflate the price of its native token offering’.
One Redditor was quoted as saying:
“This is looking like a classic case… pump the price on fake news propaganda then Brexit before the truth can come out. Seen this so many times but fools never learn,”
Lastly, a closer look at LINKs official whitepaper shows us that 30 percent of the company's funds were meant to be used for the project’s future development. Thus, the above mentioned token sale could have been carried out by the firm as a way of liquidating some of its holdings — primarily to cover for expansion costs as well as other peripheral expenses.